From January to April 2014 Azerbaijan extracted 14.1 million tons of oil and condensate, reported the Azerbaijan State Statistical Committee.
According to the Committee, production of liquid hydrocarbons in Azerbaijan decreased by 200,000 tons (about 1.5 million barrels) or by 1.4%.
This year the government’s forecast of oil and condensate production is 40,974,300 tons. During 2013 the country has produced 43,083,300 tons. Reduction by almost 2 million tons of oil has been forecasted, because of the repair of two production platforms, which are involved in production on the Azeri-Chirag-Guneshli (ACG) contract area for 3-4 weeks. This will happen in the second half of this year.—0--
Economics
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As 2024 comes to a close, Azerbaijan finds itself at a crossroads—holding a prominent position in certain sectors of the global economy but still grappling with issues that hinder broader socioeconomic development. From energy exports to logistics corridors, the country has carved out a niche, yet cracks in its socioeconomic fabric are becoming harder to ignore. Let’s delve into the numbers and listen to expert opinions on Azerbaijan's global standing.
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Azerbaijan began the new year with significant hikes in gas, electricity, water, and medication tariffs, sparking widespread concern among citizens over the financial burden on households. While officials defend the measures as necessary for economic sustainability, critics warn of challenges tied to stagnant wages and pensions.
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As of January 1, Europe has ceased contract-based transit of Russian gas through Ukraine. Kyiv announced it would not renew agreements to traffic gas from the "aggressor nation" through its territory. The decision marks a pivotal moment in Europe’s efforts to reduce reliance on Russian energy, a dependency that supplied nearly 50% of the continent’s gas imports before the war in Ukraine.
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Azerbaijan's Tariff Council has approved a decision to regulate the maximum wholesale and retail prices of registered medicines, with the new pricing caps coming into effect on January 2, 2025.
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